Final Average Annual Compensation means the highest annual total amount included in Employee's gross income for federal income tax purposes in connection with employment hereunder for payments or benefits received under the provisions of Section 4.1 (not including stock options received in lieu of salary increases) hereof during the three calendar years immediately preceding the calendar year during which termination of employment occurs.
Final Average Annual Compensation means the higher of (i) the average annual Compensation of Executive during the last 36 full consecutive calendar months of Executive’s employment with Employer or (ii) the average annual Compensation of Executive during Executive’s employment with Employer.
Final Average Annual Compensation and “Benefit Level” and (ii) Section 1.2 of the Agreement to provide that years of service is from the date of the Executive’s employment with Employer rather than from the Effective Date of the Agreement.
Examples of Final Average Annual Compensation in a sentence
For purposes of this Section 3.3, the Annual Benefit shall be determined with the with the Final Average Annual Compensation being equal to greater of (i) the average annual Compensation of Executive during the last 36 full consecutive calendar months of Executive’s employment with Employer or (ii) the average annual Compensation of Executive during Executive’s employment with Employer.
Additional base credits are earned on Final Average Annual Compensation (as defined below) that is greater than 60% of the prevailing Social Security Wage Base (as defined below), rounded to the next $100.
The monthly annuity, payable for life, is 1/12th of the following: 2.2% of Final Average Annual Compensation multiplied by Credited Service.
Final Average Annual Compensation Final average annual compensation is the highest average annual compensation received by a member during any 36 consecutive complete calendar months out of the last 120 calendar months of employment.
If Holmxx xxxtinues his employ with Reynxxxx xxxond age fifty-nine (59), the level of his retirement benefits as a percentage of his Final Average Annual Compensation shall be increased by one percent (1%) for each additional twelve (12) month period over age fifty-nine (59).
More Definitions of Final Average Annual Compensation
Final Average Annual Compensation means the average of Hedexx'x Xxxe Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynxxxx) xx determined for the five (5) consecutive calendar years of the last ten (10) calendar years preceding and including the calendar year in which Hedexx'x xxxloyment terminates which yields the highest sum.
Final Average Annual Compensation means the average of Executive's Base Salary and Bonuses (excluding any compensation attributable to stock options of any type granted by the Company and any compensation determined by the Board to be a long-term incentive arrangement) for the three (3) consecutive calendar years out of the prior five (5) calendar years that yield the highest sum. For purposes of this calculation, the fifth prior calendar year shall be the full or partial year in which Executive's active employment with the Company terminates, and Base Salary and Bonuses for such year shall be annualized. Notwithstanding the foregoing, for purposes of this calculation, if Executive has been employed for less than five calendar years, "Final Average Annual Compensation" shall be determined as set forth above for the greater of (i) three consecutive calendar years or (ii) the period of time for which Executive has been actively employed.Executive will be entitled to participate in all qualified and nonqualified retirement plans which are available to other senior officers of the Company and according to the terms of those plans. In addition, Executive will be entitled to participate in a supplemental executive retirement plan (the "SERP") put in place for Executive. Under this plan, Executive shall be entitled to receive an annual retirement benefit equal to the difference between (i) four percent (4%) of his Final Average Annual Compensation multiplied by his years of service to the Company, and (ii) the annual benefits payable to him under the Reynolds & Reynolds Retirement Plan (the "Qualified Plan") and the Rexxxxxx & Rexxxxxx "Supplemental Plan" which restores benefits lost xxxxx xxe Qxxxxxxxx Plan due to Code Section 415 and 401(a)(17) limits. For purposes of the calculation set forth in the immediately preceding sentence, it shall be assumed that the benefits under the SERP, Qualified Plan and Supplemental Plan begin when Executive's employment terminates and are payable in the form of a single life annuity. Such SERP benefit generally shall be payable in the form of a single life annuity for Executive's life; provided, however, that if Executive is married at the time he commences to receive benefits under this plan, his benefit will be paid in the form of a 100% joint and survivor annuity for the lives of Executive and Executive's spouse at the time Executive's benefits commence (if Executive's spouse survives him) that is actuarially equivalent to the single life annuity. Executive...
Final Average Annual Compensation means the average of compensation received (base salary and ABP award) during the 5 consecutive years of accrual service within the last 10 calendar year period immediately preceding termination of employment which produces the highest average amount (or during all the years of accrual service if less than 5). "Year of Accrual Service" means a year is credited for each plan year after an employee becomes a plan participant in which the participant is credited with at least 1,000 hours of service. "Social Security Wage Base" means for any year the maximum amount of compensation which may be considered wages for such year for purposes of assessing FICA (Federal Insurance Contributions Act) taxes.
Final Average Annual Compensation means the average of compensation received during 5 consecutive years of accrual service within the last 10 calendar year period immediately preceding termination of employment which produces the highest average (or during all the years of accrual service if less than 5). "Year of Accrual Service" means a year is credited for each plan year aGer employee becomes a plan participant, in which the participant is credited with at least 1,000 hours of service. "Social Security Wage Base" means the 35-year average of the maximum amount of compensation on which the Social Security benefits are based according to year of birth and assuming the participant has always received wages at least equal to those subject to tax under FICA (Federal Insurance Contributions Act). "Social Security Maximum Wage Average" means the average of the Social Security Wage Base in effect for each calendar year during the 35-year period ending with the calendar year in which a participant attains the Social Security retirement age.
Final Average Annual Compensation means the average of Employee's Base Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynolds and any compensation determined by the Board of Directors tx xx x xong-term incentive arrangement) for the five (5) consecutive calendar years out of the prior ten (10) calendar years which yields the highest sum. For purposes of this calculation, the tenth calendar year shall be the full or partial year in which Employee's employment terminates, and Base Compensation and Bonuses for such year shall be annualized.
Final Average Annual Compensation means twenty percent of the Participant’s total Compensation for the 60 consecutive complete months when his Compensation was highest, out of his last 10 years of active participation in which he accrued a benefit under the Basic Plan, prior to the earliest of the Participant’s date of termination, date of total disability, date of death, or date of retirement. In accordance with established administrative procedures, the number of months of bonus compensation for any type of bonus taken into account for this purpose shall be limited to the number of months of bonus eligibility in the 60-month period.
Final Average Annual Compensation means the average of Holmxx' Xxse Compensation and Bonuses (excluding any compensation attributable to stock options of any type granted by Reynxxxx) xx determined for the five (5) consecutive calendar years of the last ten (10) calendar years preceding and including the calendar year in which Holmxx' xxployment terminates which yields the highest sum. (l) "Pension Plan" shall mean the existing Reynxxxx xxx Reynxxxx Xxxpany Non-Union Pension Plan, as the same may be amended from time to time. (m) "Retirement Benefits" shall mean payments to Holmxx xxxed upon his lifetime in an annual amount equal to a designated percentage of Holmxx' Xxnal Average Annual Compensation or, in the case of Section 8(d) below, Final Annual Compensation, which shall